Financial planning software and research group Investment Data Technologies (IDT) will proceed with a public listing in October next year according to managing director Danny Rodgers.
Speaking at the group’s annual conference at the weekend, Rodgers says the decision to float has been arrived at after more than 12 months of discussions.
IDT client services executive Newman Borg says a formal decision has now been reached with the expected timing of the float to be in October 2001.
“This is something the group has thought about long and hard and have decided to float after this discussion process and not just to make the most of a good market,” Borg says.
Borg says a workgroup is in place and new staff have been recruited. The group would also soon be looking for accountants and lawyers as part of the process of moving to a listing.
Advisers who use IDT software and IDT clients will be invited to participate in the listing with capital raised used for further software development and expansion of the business in Australia and offshore markets.
Rodgers also announced that IDT was in the process of formalising a number of data exchange deals with InvestorCities, Ausmaq, Sanford Securities and Standard & Poors.
